After sitting on the sidelines for more than two years, Stripe has decided to re-enter the world of cryptocurrency.
On Tuesday, the company announced its intention of getting back into the world of bitcoin. Stripe is building a crypto team that will help the company build the “future of Web3 payments”.
Stripe was once an ardent supporter of bitcoin. The company became the first one to support bitcoin in the early years. However, in January 2018, Stripe stepped back citing the decline in Bitcoin use for payments due to various reasons.
According to payment giant, the transaction confirmation time for bitcoin payments had risen, resulting in failure rates and fees rates going significantly higher. After ending support in April 2018, the company still remained optimistic regarding different crypto projects like Lightning network and others.
This time around the Stripe has again decided to dabble into the crypto market. There are a few job openings related to crypto.
— Guillaume Poncin (@gponcin) October 12, 2021
The company considered this the right time to get into crypto.
In 2018, we said that Stripe would look for opportunities to help our customers by adding support for crypto in the future.’ That time has come,”
The broader strategy for Stripe is yet to be mapped out. However, a $95 billion company going back into crypto is something Crypto enthusiasts are celebrating.